Comment Text:
i0-001
COMMENT
CL-08368
From:
Sent:
To:
Subject:
Jim Johnson
Wednesday, March 17, 2010 11:00 PM
secretary
Regulation of Retail Forex
Dear David Stawick,
I am opposed to the retail forex leverage rule changes as proposed by RIN 3038-AC61.
I am a retail forex trader and depend upon the opportunity that retail forex trading gives me to supplement my retirement
income.
I believe, should the 10 to 1 leverage rule proposed by the CFTC be adopted that:
¯ Funded accounts currently in the U.S. system can be expected to go offshore.
¯ Forex fraud may worsen, not improve. Unregulated dealers from around the world will thrive, while operating
without requirements for capital adequacy, risk management models, marketing ethics, dealing practices or
even returning of customers funds.
¯ The United States may cost itself millions of dollars in trade revenue.
¯ Thousands of white collar jobs that require an advanced education and range from software developers to
accountants to foreign exchange dealers may be eliminated, or move out of the United States.
Please do not permit this rule to be adopted.
Kind Regards,
James R Johnson
1014 Ponderosa Way
Rock Springs, WY 82901
307-221-4709
[email protected]
